EverPower

About EverPower

EverPower Wind Holdings, Inc. operated as a developer, owner, and operator of utility-scale wind projects across the United States. The company was founded in 2002 by Jim Spencer, who brought to the venture a background in energy project finance law and corporate finance. Initially conceived with his business partners, Andrew Golembeski and Kevin Sheen, as a solar energy developer, the company quickly pivoted to wind power due to unfavorable market conditions for solar at the time, including inefficient technology and a lack of regulatory support.

The firm's business model centered on identifying and acquiring development opportunities for wind projects, ranging from early-stage concepts to operational farms. This strategy involved a mix of greenfield development, where projects are built from the ground up, and strategic acquisitions. EverPower partnered with landowners and local communities to build its projects, generating revenue by selling the electricity produced by its wind farms on the merchant market and to utilities. The company's primary operational focus was on the PJM electricity network, which serves parts of the Mid-Atlantic and Midwestern U.S.

A significant milestone occurred in November 2009 when the private equity firm Terra Firma acquired EverPower, providing substantial capital for growth. Under Terra Firma's ownership, EverPower expanded its operating capacity twelve-fold, becoming one of the top 25 wind energy producers in the U.S. This expansion was fueled by building out its development pipeline and acquiring existing wind farms, such as the Mustang Hills farm in California and the Big Sky wind farm in Illinois. By 2017, the company's portfolio consisted of seven operating wind farms with a total capacity of 752 megawatts.

In a strategic exit, EverPower was sold in two separate transactions in 2018. The portfolio of seven operating wind farms was acquired by a fund managed by BlackRock Real Assets in early 2018. Subsequently, in July 2018, the company's development operations and its pipeline of future projects, totaling over 2 gigawatts, were sold to the German utility innogy SE. This two-part sale marked the conclusion of EverPower's sixteen-year journey, which began as a small startup and culminated in its assets being absorbed by major global energy and investment players.